Mon, Oct 10, 2011 - Page 12 News List

Gas, diesel prices to fall

By Kevin Chen  /  Staff Reporter

The nation’s two oil refiners yesterday said they would lower domestic gasoline and diesel prices for a second straight week, as the worsening eurozone debt crisis and slowing US economy continued to impact global crude oil prices.

State-run CPC Corp, Taiwan (CPC, 台灣中油) said its average crude oil costs dropped by US$3.67 per barrel to US$100.12 last week from the previous week.

The New Taiwan dollar fell NT$0.124 against the US dollar last week, increasing CPC’s costs and offsetting the fall in crude prices, as a result of which the firm decided to cut fuel prices by NT$0.3 per liter based on its pricing mechanism, according to a company statement.

Privately owned Formosa Petrochemical Corp (台塑石化) said yesterday it would also lower gasoline and diesel prices by NT$0.3 per liter, citing concerns about the weakening global economy undermining global crude prices and fierce competition with CPC at home.

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